KUALA TERENGGANU, Nov 27 (Bernama) -- The Terengganu State Legislative Assembly today unanimously passed the 2020 State Budget.
Menteri Besar Datuk Seri Dr Ahmad Samsuri Mokhtar had tabled a budget with a 10 per cent deficit on Sunday.
The expenditure plan themed “Building a Prosperous Terengganu Generation” involved RM1.832 billion compared to the state's estimated revenue of RM1.666 billion, thus incurring a deficit of RM166 million.
Earlier when winding up the debate on the budget, Ahmad Samsuri said to make up for the shortfall in state revenue, the government is targeting to generate 15 per cent additional revenue through three sectors namely tourism, water and mineral.
For the tourism sector, he said the state government is studying to introduce several new taxes such as heritage tax and conservation tax.
ASSEMBLY- PASS (BUDGET 2 (LAST) KUALA TERENGGANU
“While in the water supply sector, we will be formulating a raw water supply enactment to enable the state government to generate income through raw water consumption by industries.
“And for the mineral sector, the state government will be reviewing charges for the extraction of minerals,” he said.
In this regard, he said Terengganu’s State Heritage Trust Fund is reviewing so that the Trust Fund
is in line with the role of a sovereign fund as found in other countries such as Norway.
“We want Terengganu to manage a portion of the petroleum revenue via a sovereign fund as carried out in Norway,” he said.
“To date, the Norway Sovereign Fund which has about 1 trillion USD worth of investments in 9,158 companies in 73 countries, was set up in 1990 while Terengganu has been receiving petroleum revenue since the 1970’s,” he said.